The Sport publisher warns on profits

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The publisher of the Daily Sport and Sunday Sport newspapers
returned to profit today for the first time in more than two years, but
warned that second-half profits would fall short of analysts’ expectations.

Sport Media Group reported pre-tax profits of £330,000 for the first six
months to the end of June but said that it had to negotiate a loan repayment
holiday with its bankers as a result of dwindling working capital.

“Whilst the directors expect the group to continue to be cash generative in
the second half of the year, Ebitda [Earnings before interest, taxes,
depreciation and amortization]